Firestone – Poulsbo, WA
Fortis Net Lease is pleased to present this 5,798 SF. Firestone Complete Auto Care store located in Poulsbo, Washington. The property is encumbered with a Fifteen (15) Year Absolute NNN Lease, leaving zero landlord responsibilities. The lease contains 5% rental rate increases every 5 years during the primary term and including each five (5) Yr. Options to renew. The store is preparing for construction, with rent scheduled to commence in January 2021.
This Firestone store is highly visible as it is strategically positioned on Market Place NW, just off Olympic College Way NW which sees 12,418 cars per day. It is immediately surrounded by a Walmart, Home Depot, OfficeMax and Petco store as well as Olympic College making it a prime location. The five mile population from the site is 30,247 while the one mile average household income is $119,399 per year, which is ideal for a Firestone. The area is experiencing great growth with the five mile population growth rate at 6.80%. The Subject offering represents an ideal opportunity for a 1031 exchange buyer or a “passive” investor to attain the fee simple ownership of a Firestone. This investment will offer a new owner continued success due to the financial strength and the proven profitability of the tenant. List price reflects an average cap rate of 4.89% based on NOI of $204,541.92.
• Absolute NNN 15 Year Lease | Zero Landlord Responsibilities
• Washington is an Income Tax Free State
• 5% Rental Rate Increase Every 5 Years
• Brand New Upgraded Design Construction | Essential Business
• 5 (5 Year) Options | 5% Rental Increase At Each Option
• One Mile Household Income $119,399
• Five Mile Population 30,247 with Expected 6.80% Growth
• One Mile Population Growth Rate 6.57%
• 12,418 Cars Per Day on Olympic College Way NW
• Surrounded by National Retailers (Walmart, Home Depot, OfficeMax, Petco) and Olympic College
Instate Broker of Record: Tom O’Brien | Pacific Commercial Brokers | License # 18559